This article by The Drum introduces one of the products from Singtel and Great Eastern’s new partnership, Singtel Home Protect. Brand partnerships produce more value for consumers when done well – timely and relevant. Considering the Covid-19 pandemic and their customer’s behaviour, here are 3 reasons why this brand partnership works:
- Digitalisation: This is something most businesses know by concept. But for Great Eastern, they focused on providing innovative and personalised digital offerings by augmenting existing insurance offerings. Instead of simply bringing their service online, they understood their audience preference for personalisation and created a unique selling point through digitalisation.
- Value Adding: With Singtel Home Protect, there is added value to Singtel’s customer base by providing home insurance upon re-contract or signup for telco bills, broadband, and home content. A complementary brand partnership is essential in adding value that is not only enticing, but makes sense.
- Understanding of Needs: Singtel discovered a lack of insurance coverage in addressing their consumer’s digital needs especially during a time where we spend most of our time at home. Collaborating with Great Eastern allows them to “co-create customised insurance products with telco-centric benefits”, which in turn solves the pain points of their customers.
The key factor to having a brand partnership is mutual benefit. Not just between both brands, but also the offerings to your customers. A partnership should be one that is built on each other’s strengths.
Article Written By Alicia Leck, Media Sales and Marketing Executive, CVP Group